Sharjah okays fresh Dh512M stimulus

sharjah — Upon the directives of His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Sharjah Executive Council (SEC), has approved the second stimulus package of Sharjah government incentives to support government and private entities, business sectors and individuals in order to boost business continuity and development in various fields and mitigate the economic impact of the coronavirus outbreak.

The value of the package amounts to Dh512 million, up from the first package’s Dh481 million.

Among the incentives and entities involved are the following:

Sharjah Electricity, Water and gas Authority

• Payment of fees on installments of the electricity, water and natural gas services for owners of economic, commercial and industrial establishments in several installments that may exceed two years, in order to contribute to alleviating the financial burdens facing them

• Support for the owners of various establishments by providing free technical consultations before starting the project to design and implement electricity, water and gas services extensions to save the cost of financial expenses

• Reduction in insurance fees for electricity, water and natural gas on economic, commercial and industrial establishments.

• Cancellation of fines for additional electricity loads in economic, commercial and industrial establishments

Municipalities of the Emirate of Sharjah Reduction of fees for attesting residential lease contracts from four per cent to two per cent until March 31, 2021

Department of Economic Development

• Continuation of the exemption decision for the renewal of licences for economic establishments, including a fee of three months’ annual fees

• Deduction (50 per cent) from delay fines and inspection violations for economic establishments, provided that their owners amend their conditions within three months from the date of the decision

• A 50 per cent discount upon issuance of a licence for industrial establishments, in order to enhance the contribution of the industrial sector to GDP

• Exemption of private nurseries from all government fees for a year

Sharjah Real Estate Registration Department Reduction of buyer fees for non-GCC citizens from four per cent to two per cent of the sale value.

Sharjah Department of planning and Survey

• Leasing of investment property: Investors are exempted from the rent value until the end of March 31, 2021

• Motorbike rental activity sites: Investors are exempted from the rent value until the end of March 31, 2021

• Renting shops: Exemption of tenants by 25 per cent of the rent value until the end of March 31, 2021

• Rental of temporary sites: Exemption of tenants by 25 per cent of the rent value until the end of March 31, 2021

• Extension of the payment period for 24 months for the splitting of multi-storey transactions

• Facilitating payments to investors and tenants by paying instalments for the returned cheques to the end of the current year. —